Bank Nifty Prediction Today – 20th February 2024. Is Bank Nifty Ready for 47,000 Today?

Bank Nifty is currently Trading above one of its crucial support levels of 46,500, indicating a further Upside to 47,000 as Put Open Interests are Aggressively Increasing from the lower levels.

Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the data after analyzing the Market.

Also Read – Nifty Prediction Today 20th Feb, 2024

Bank Nifty Yesterday’s Overview

On Monday, Bank Nifty opened gap up +192.30 points but was unable to sustain there in early Trading hours and slipped down making an intraday low of 46,317.70 taking support at 46,300, and then bouncing back above the resistance level of 46,500 making an intraday high of 46,717 and remains sideways for the whole day and closed above the support level of 46,500.

From the last two Trading sessions, Bank Nifty is Over Sideways even after opening gap up, and for Today we can expect the same as Bank Nifty may touch the level of 47,000 but then go sideways for the remaining of the Trading hours.

Looking at the Bank Nifty stocks – Au Small Finance Bank and ICICI Bank gained the most, up by +3.03% and +2.00% respectively. On the Other side, PSU Bank fell the most (except SBI +0.60%) where Bank of Baroda is down by -1.80%, and PNB is down by -1.31%. Where the Index Heavyweight HDFC Bank (-0.20%) Traded sideways.

Bank Nifty Prediction for today – 20th February 2024.

As you can see in the image above, Bank Nifty is Currently Trading at a Trendline making Higher Highs and Higher Lows demonstrating that it is in Uptrend following a Bullish Trendline acting as a Support for Pushing Bank Nifty further.

If we look at the PCR Data it’s currently 1.16 indicating Bullish Market, as Put Open Interests are building more aggressively at the current level of 46,500 and on the lower levels.

Important:- Looking at the closing of the Previous Trading Day where Bank Nifty managed to close above 46,500 after heavy selling pressure at 2:35 PM, showing strong Put Writing at 46,500 and lower levels.

Hence, we expect Bank Nifty to Open Flat or a Little Gap Up today, taking support at 46,500 and then moving upward to 47,000 and then faces some resistance at 47,000 as the highest Call Open Interests at the higher level are at 47,000

Currently, the PCR is also maintained above 1.0 from the last two trading sessions indicating Bullishness in the Market as more and more Put OI is building at lower levels, providing strength to the market, or maybe a signal of the next Bull Run where FIIs and DIIs are trying to throw Retailers out of the Market. (Who Knows)

Bank Nifty Support and Resistance for 220th Feb 2024.

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Here is an image of OI Data for the 21st Feb Expiry and the Change in OI data as of 19th Feb, where we can clearly see that currently there are more put OI compared to Call OI indicating a Strong Market.

If you look closely then you can notice that most writing as of now is at 46,000 levels and on the other side the most Call writing as of now is at the 47,000 level which acts as the Strongest Support and Resistance Level.

But if you look at the 1st image, you notice that there are more Put OI added at the current market level of 46,500 and also on the lower side compared to Call OI, indicating that the market is currently Bullish and continues to travel in the upper direction.

Here are the Support and Resistance levels for Bank Nifty

How to Trade in Ban Nifty Today – 20th Feb, 2024

Looking at the Chart of Bank Nift we can see that it is currently in a Bullish Trend trading at a Trend line forming Higher Highs and Higher Lows indicating the continuation of the Bullish Trend as Volatility is increasing in the market.

If you look at the RSI Data you can see that it’s at 44.98 in 5 5-minute charts indicating further Upside to 47,000 and above.

So for Today, we expect Bank Nifty to test the 47,000 level hence we Trade using the following setup

If Bank Nifty opens Gap up then go long until it touches 47,000 and then wait for the market to Test the Resistance level of 47,000 if it Consolidates at that level then go long till 47,300.

But if it opens flat above 46,500 with for Bank Nifty to Bounce from 46,500 then you can go long till 47,000.

But if Bank Nifty is unable to sustain at 46,500 and falls then you can make a quick trade till 46,200.

Hapy Trading 🙂